Bitcoin Stalls Below $78K as Oil Prices Soar Amid Middle East Tensions

Bitcoin's price briefly dropped below $78,000 on Tuesday after a surge in risk assets following renewed Middle East tensions.

The drop was accompanied by a rise in US crude oil prices, with WTI crude hitting a three-month high near $95 per barrel.

Analysts warn that Bitcoin needs to hold its current support level of $78,300 to avoid another breakdown similar to the one seen in May.

Rekt Capital, a trader and analyst, noted that a weekly close below $78,300 followed by a bearish retest would likely confirm a breakdown and keep the 2026 bear market firmly in place.